[BALW 20150] - Midterm Exam Guide - Ultimate 23 pages long Study Guide!
7 Feb 2017
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Law= enforceable rules governing relationships among individuals and between individuals and their society: establish rights, duties, and privileges that are consistent with the values and beliefs of their society or its ruling group. Business decision makers need to consider whether a decision is not just legal, but also ethical. Primary sources of law: us constitution and state constitutions, statutory law laws passed by congress, state legislatures, or local governing bodies, regulations create by administrative agencies (ex. Fda: case law and common law doctrines. Secondary sources of law= books and articles that summarize and clarify the primary sources of law: ex. legal encyclopedias, treatises, etc. Constitutional law: supreme law of the land, each state"s constitution is supreme within the state"s borders as long as it doesn"t conflict with us constitution, includes local ordinances statutes by municipal or county governing units. Statutory law= laws enacted by legislative bodies at any level of government.
